The contents of total phenolics (TPC), individual phenolic acid and antioxidant activities in the free and bound fractions of potato with different flesh colors were systematically investigated. The TPC and antioxidant capacity in the bound fraction was significantly lower than that in the free fraction. Chlorogenic acid, neochlorogenic acid, cryptochlorogenic acid, caffeic acid, p-coumaric acid and ferulic acid were detected in the free fraction with chlorogenic acid being the most predominant, accounting for 35.21–81.78% of the total content. Caffeic acid, p-coumaric acid and ferulic acid were detected in the bound fraction in the colored potato with caffeic acid being the major one. In the free fraction, the content of each individual phenolic acid had positive correlation with antioxidant activity. In the bound fraction, caffeic acid and p-coumaric acid showed positive correlation with antioxidant activity. This study promotes further understanding of the correlations among TPC, phenolic acids and antioxidant activity.